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The US Labor Market Is Cooling. How Is Your Job Situation?
Posted
December 9, 2023
Views
2,441
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December 9, 2023
2,441
46
4
2.05%
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0:30Now PlayingThe US labor market is cooling. Have you been affected?
After hovering near record lows for over a year, the US jobless rate is ticking up, with a rising number of people reporting they're working part-time for economic reasons or have been being unemployed for a long time. Some recent college graduates, in particular, seem to be struggling to land a first job: Their unemployment rate is above the national average and rising faster.
While many employers are still having a hard time finding workers, gone are the days when labor shortages were acute across industries and people left their jobs in drove to get better-paying ones. Quits rates have fallen back to their pre-pandemic levels. And continuing jobless claims, a proxy for the number of people receiving unemployment benefits, are at the highest in about two years after steadily climbing since September. That suggests out-of-work Americans are finding it more difficult to secure new employment.
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